Finnish mobile major Nokia today said it has completed the acquisition of Siemens' 50 per cent stake in their joint venture, Nokia Siemens Networks, in a transaction valued at about $2.2 billion.
"In accordance with this transaction, the Siemens name is being phased out from Nokia Siemens Networks' company name and branding. The new name and brand is Nokia Solutions and Networks, also referred to as NSN, which will be used also for financial reporting purposes," Nokia said in a statement.
The Finnish company had announced the acquisition of Siemens stake in the venture on July 1.
Nokia paid Siemens 1.2 billion euro ($1.55 billion) in cash at the closing of the transaction and the remainder of about $650 million "will be paid in the form of a secured loan from Siemens due one year from closing," according to the July 1 statement.
NSN chief executive officer Rajeev Suri continues in his post and there is no change in the role of executive chairman of the NSN board of directors, Jesper Ovesen.
Following the new ownership structure, the board has been changed as Siemens-appointed directors have resigned, it said.
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